SINGAPORE – Over 300 suspected scammers were arrested last month in a two-week police raid, with victims estimated to have lost more than $9 million.
Police said on Friday that 201 men and 124 women between the ages of 16 and 86 were cooperating in an investigation into suspected crimes of fraud, money laundering or unauthorized provision of payment services. .
They are believed to be involved in more than 695 incidents, mainly consisting of business email compromise, e-commerce, impersonation, Internet love, investment and phishing scams.
The operation from 19 August to 1 September was carried out by the Ministry of Commerce and the seven land divisions of the police.
For each count of misconduct, offenders can face up to 10 years in prison and fines.
Those convicted of money laundering charges can face up to 10 years in prison, fines of up to $500,000, or both for each charge.
Providing payment services without a license can subject violators to fines of up to $125,000, imprisonment of up to three years, or both.
Police are urging citizens to refuse access to bank accounts and mobile phone lines, even if others ask them to avoid becoming accomplices in crime.
Midyear figures released by police show $346.5 million lost to all fraud in the first half of this year.
Over $227 million lost to top 10 scams. Work-related is the most common, up from $142.5 million in the same period last year.
A total of 14,349 fraud cases were reported in the first half of this year, nearly double the 7,746 reported during the same period last year.